FX.co - EUR/USD analysis for October 22, 2021 - Potential for the drop towards 1.1575

2021-10-22T12:34:31

Relevance until2021-10-23

Technical analysis:

EUR/USD analysis for October 22, 2021 - Potential for the drop towards 1.1575

EUR/USD has been trading flag at the price of 1,1630 but I see potential for the downside movement.

Trading recommendation:

Due to the breakout of the rising Pitchfork channel in the background and contraction on Bollinger bands, I see potential for the downside movement.

Watch for selling opportunistic with the main target at 1,1570

Key resistance is set at 1,1668

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for October 22, 2021 - Potential for the drop towards 1.1575